There’s an old saying: Learn form the mistakes of others because you won’t live long enough to make them yourself. As a startup entrepreneur, it’s a good idea to seek the business advice of others, however, you must also be aware that not all advice is good advice.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses. YEC asked their members, “What is the worst piece of business advice you have ever received?†Here’s what made their list:
‘That Won’t Work’
“Be careful who you take advice from. Just because someone has been successful in one particular walk of life doesn’t mean they know about all business models. It’s easy for a person who doesn’t understand your ideas and thoughts to shoot them down for one reason or another. It’s your job to validate your ideas by talking directly with potential customers. ”
[Related: 5 Empowering Tips for Women Entrepreneurs]
‘Stick With Your Degree’
“Everyone thinks that if you stick with your professional degree, you’ll be automatically successful. But skills are transferrable, and degrees should not define you. ”
‘Fire Your Team’
“I once had an investor advise me to fire our entire team and close down an office. This would have been a disaster because they were on the eve of launching a product that later brought us significant success. Fortunately, we took the time to get to the root of our challenges and how our team would help us solve them. It turned out to be nothing more than a misunderstanding. ”
Tyler Arnold
SimplySocial Inc.
‘Business Isn’t Personal’
“Everyone has heard the phrase, “It’s not personal; it’s business.” Yet I found that to be as far from reality as it gets. It is personal. Business is, after all, about people. When you start and run a business, you deal with people constantly, whether it’s your partners, investors, employees or customers. Like it or not, their psyche, emotions, personal ambitions, etc., come into play.”
Panos Panay
Berklee College of Music
‘Write a Business Plan’
“Startups are like a seek-and-destroy mission. You can only plan so much in advance. What you need are really smart, hard-working and team-oriented people who can think on their feet and adjust to what signals users send your way.”
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‘Don’t Tell People Your Age’
“As a two young female entrepreneurs, my business partner Brittany and I realize we are a rare breed. Someone told us early on that we should never disclose our age because we would “never be taken seriously.” Some of the biggest names in innovation are well under the age of 40. I believe good ideas, no matter who they come from, trump anyone’s birth year. ”
‘You Have to Offer the Lowest Prices’
“Retail entrepreneurs
think they need to price their products lower than their competition to earn business. This strategy is not sustainable because profit margins will constantly be shrinking; someone out there is always willing to cut his margins lower than you. Instead, price your products at fair market value, and provide additional value/service to your customers to differentiate.”
Anthony Saladino
Kitchen Cabinet Kings
[Related: 5 Tips for Hiring the Best Talent]
‘Keep Working Hard, and Eventually You’ll See Success’
“I worked hard for several years, and I was doing nothing more than spinning my wheels. It wasn’t until I started working smart that I achieved success.”
Andrew Schrage
Money Crashers Personal Finance
‘It Won’t Work if You Do It That Way’
“Just because you don’t do things the way others in your industry are doing them doesn’t mean you are wrong and will be unsuccessful. Part of standing out from the crowd is being different, so embrace your differences, and do what works best for your business.”
Michael Mogill
Crisp Video Group
‘It’s Better to Be Feared Than Loved’
“I had someone tell me the way I was interacting with some of my 20,000-plus independent contractors was too friendly and that they would take advantage of me. In fact, it is our personal connection to them and genuinely caring about their individual goals and dreams that has helped us build one of the strongest networks of marketers for hire in the U.S. You catch more bees with honey. ”
Vinny Antonio
Victory Marketing Agency
‘If You Build It, They Will Come’
“The worst advice EVER is “If you build it, they will come.” We all know the phrase “the best thing since sliced bread,” but in reality, even sliced bread took almost 20 years from when it was invented before it was commercially adapted because of latent customer adoption and misinformation. Don’t make the mistake of being naive or overconfident. There are a lot of factors that come into play.”